Energy Transfer (NYSE:ET) Now Covered by Truist Financial

Key Points

• Truist Financial initiated coverage on Energy Transfer with a Buy rating and a $23 price target, implying about a 20.8% upside from the prior close.
• Analyst consensus is a Moderate Buy (10 Buys, 2 Holds) with an average price target of $21.73, while individual broker targets range roughly $21–$25.
• Energy Transfer reported revenue of $25.32 billion (up 29.6% year-over-year) but missed EPS expectations ($0.25 vs. $0.34); the stock trades near $19 with a ~$65.5 billion market cap and ~38% institutional ownership.

Stock analysts at Truist Financial initiated coverage on shares of Energy Transfer (NYSE:ET - Get Free Report) in a research note issued to investors on Tuesday. The firm set a "buy" rating and a $23.00 price target on the pipeline company's stock. Truist Financial's price objective points to a potential upside of 20.79% from the stock's previous close.

A number of other brokerages have also recently commented on ET. JPMorgan Chase & Co. decreased their price objective on Energy Transfer from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Monday, November 24th. Jefferies Financial Group reissued a "hold" rating on shares of Energy Transfer in a research note on Wednesday, February 18th. Scotiabank restated an "outperform" rating on shares of Energy Transfer in a research report on Friday, January 16th. Barclays reaffirmed an "overweight" rating and issued a $22.00 price target (down from $25.00) on shares of Energy Transfer in a research note on Monday, January 12th. Finally, Wells Fargo & Company increased their price target on shares of Energy Transfer from $23.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, March 13th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $21.73.

Energy Transfer Stock Up 0.2%

Shares of NYSE ET opened at $19.04 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 1.22 and a debt-to-equity ratio of 1.50. The company has a market cap of $65.51 billion, a price-to-earnings ratio of 15.74, a price-to-earnings-growth ratio of 1.05 and a beta of 0.63. The firm's 50-day simple moving average is $18.40 and its 200 day simple moving average is $17.35. Energy Transfer has a 12-month low of $14.60 and a 12-month high of $19.30.

Energy Transfer (NYSE:ET - Get Free Report) last announced its quarterly earnings data on Tuesday, February 17th. The pipeline company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.34 by ($0.09). Energy Transfer had a return on equity of 10.17% and a net margin of 5.11%.The firm had revenue of $25.32 billion during the quarter, compared to analyst estimates of $23.56 billion. During the same quarter in the previous year, the business earned $0.29 earnings per share. Energy Transfer's revenue for the quarter was up 29.6% compared to the same quarter last year. On average, research analysts expect that Energy Transfer will post 1.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Energy Transfer

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its holdings in shares of Energy Transfer by 41.6% in the fourth quarter. Morgan Stanley now owns 86,310,272 shares of the pipeline company's stock valued at $1,423,256,000 after purchasing an additional 25,366,594 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Energy Transfer during the third quarter worth about $264,309,000. Alps Advisors Inc. grew its holdings in shares of Energy Transfer by 8.0% during the fourth quarter. Alps Advisors Inc. now owns 83,843,087 shares of the pipeline company's stock worth $1,382,573,000 after buying an additional 6,192,066 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Energy Transfer by 9.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,353,476 shares of the pipeline company's stock valued at $387,139,000 after buying an additional 1,825,391 shares during the last quarter. Finally, Invesco Ltd. raised its position in Energy Transfer by 3.2% in the 3rd quarter. Invesco Ltd. now owns 57,862,666 shares of the pipeline company's stock valued at $992,923,000 after buying an additional 1,773,042 shares during the last quarter. 38.22% of the stock is owned by institutional investors and hedge funds.

About Energy Transfer

Energy Transfer NYSE: ET is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company's operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.

Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets.

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